Bitcon: Buy the Dip – or BE One?

Reader Ray contributed a marvelous reality check in the Comments section overnight:

“You remind me of Trevor Lawrence the #1 NFL draft pick this year. He said he was putting his entire $21,000,000 signing bonus into Bitcoin. Dumbass! BTC was at $55,000 and today it is trading a little over $40,000. That is down 27% in a matter of 2 weeks, or his $21,000,000 signing bonus is now worth $15,333,000. Worldwide Bitcoin 24 hour volume today a whopping $103 Billion. Biden spent $6 Trillion in his first 100 days. Kind of puts things in perspective.”

It might be important to consider that crowd behaviors haven’t changed much since Charles Mackay wrote “Extraordinary Popular Delusions” in 1841. Although he was privy to the blow-up of both Tulip Mania (1634–) and the South Sea Company bubble (1720), it’s not much different than the “lumber bubble” or the Bitcoin collapse we’re experiencing now.

People – as another poster out in Midland notes – oscillate between greed overcoming fear and then back to fear overcoming greed.  (FOG)

Bitcoin today is back over $40,000.  A country-mile, though, from the $64,400 level a couple of weeks back.

And the stock market?  Last Friday our Aggregate Index closed the week at 36942.47 while the close yesterday was 36951.08. $10 bucks.  Whee!

The astute investor will look at Bitcoin and the stock market in similar ways.

Having your personal wealth tied up in either commits you to “continuation bias” in your thinking.  Because both totally depend on operation  of the Grid and the Internet for function.

Stocks are virtually all held in “trust” by the Depository Trust and Clearing Corporation (DTCC).  Which while totally reliable (so far…) does not absolutely guarantee they will be about for the Second Coming.

Thus, there is risk in ALL investments.  Which may be analyzed as systemic risk (DTCC may have systemic risk similar to Coinbase, for example).  However where they diverge is over  “underlying asset risk.”  Made-up numbers have a shorter track record (*with some large losses; lost hard drives and such) versus fractional ownership claims on corporations.

Managing Risk in Life

You’ll see in a rare moment of quiet contemplation that Life is nothing BUT sequential risks.  Starts with the risk of standing up in the crib.  Moves on  to falling off your first bicycle.  Then getting dumped in a relationship.  Risk of divorce.  Risks of raising children.  And now?  The risks of getting “old.”

In the end all risks are realized.  As the risk of “dead” is 100%.  (*Which is what my next book, “Packing for Death” is all about.)

The realities to deal with this morning?

Investing them becomes as much “risk management” as proactively seizing the initiative in Life.

Don’t get me wrong:  We all make what seem  like “big decisions.”  The reality my studies point to, though, is that we make “bounded decisions.”  Which all lead inevitably to the intractable “dead” end.  Regardless of momentary genius along the way.

Hell of a video game design, this simulation presents is it not?

Still, hope springs Eternal.  We each try to “out-fox” the other 7.6 billion players in this world. Long odds at best.   Today’s “news flow” is 99.9% useless hog slop.

For a lower slop-ratio, one’s better off reading nonfiction books during time when “news” is being pandered.  Media forces a game out of “chunk-spotting” among bowls of slop.  Mass attention to Minutia.  The “woke” joke.

A Writer’s Quandary

Not a morning goes by we don’t ask “What’s really going to be useful today?”  Like sending a child off to school with the right change for “milk money.”

For economic opportunity our pick list this time includes:

  • “Crypto and stocko” risk comprehension.
  • Lumber – up 4.75% – looks to be in a wave 2 bounce.  Kinda like BTC.
  • Inflation outlooks are stable as gold and silver haven’t budged much.
  • And the 10-year Treasury note closed 1.634% Thursday.  When it pops over 1.75% it’ll be time again to hide with the dust bunnies.

Slop spotting today is more entertaining although largely WGAF material:

Still, There IS Useful Information

An example?

And  it’s also useful to look at Big Data Analytics to see “what’s hot” in the daily media echo chamber:

The biggest of the news search engines was rolling this way:

While the other “Bing one” in news indexing was mostly around “cease fire” terms.  No need to pick your mindset – it’s being picked for you.  Thanks Big Search Engines.

Keep an Eye On:

Quietly – one of our “sources in a position to know” expects something BIG will be along within the next month to six weeks. “You’ll know it when it happens, if it does,” he informed me.

We have detected what might be considered “Disclosure Wave building.”

Have you noticed the increasing number – and quality – plus breadth of outlets – running UFO content lately?

Sizing up “risk” from UFO/UAP phenomena is difficult.  Elaine and I, have cobbled-up an approach based on medical tenets:  “First, don’t be lunch.”

A “War of the Worlds” fear has been deeply inculcated.  Another reason to live apart from easily targeted stewpots of humans (big cities).

It’s also worth remembering how the famous Twilight Zone episode “To Serve Man” ended:

Not suggesting this is the focus of our source’s concerns.

But, “Feedlot Earth” does seem to be getting kind of full, here lately.

Maybe I’ll skip breakfast.  Might lower my personal risk profile a bit.

Sell your distillery stocks and short cheesecake.  If you’re an alien shopper, I’d go well with a béarnaise sauce.

Write when you get rich,

George@Ure.net

52 thoughts on “Bitcon: Buy the Dip – or BE One?”

  1. G -Whats a matta, splatta ?

    Ure made up numbers not working ? Wondering – why not G?

    You keep telling everyone that anybody can enter the Crypto game, no barriers – right G enius ?

    Thats why all U “hello boomers” on this sight, are making soooo much coin with Ure numbers, they so easily made up…

    U guyz and G must be rolling in gross profits from the so easily made up numbers that U sold to a “greater fool”. .

    Who is the dumb ass’s – have U seen the Repo facility lately ? obviously NOT – the banks have No more room on balance sheets to handle/hold all the excess reserves.
    This is unheard of levels of froth – not usually seen except around big funding dates – qtr end/year ends/1/2 year ends.
    FED still cranking 125 billion a Month out with Repo facility cranking it back in.

    -WE R LITERALLY MONETIZING US GOVT Debt right now- MMTed with no Anal Eaze in sight.

    Yep – how much has Ure fin genius cost readers in past year ?
    Ure might as well jump on the aussie len train and start shorting everything – consistanly Losing money every month – that strategy – yep currently shorting the “yellow dog”
    proving to be another winna – bwahahahahaha
    Bid BTC, Bid Gold, Bid Silver, Bid Copper, Bid SPY
    Short USD, UST

    Putting money in Ure pockets , and a smile on my face…or
    as the BCN used say around these partz..

    No Bitcoin 4 U!
    “we will take a new buggy whip instead , thank you”

    • Is it me or is the Grayscale Bitcoin Trust selling at a 11% discount to NAV. On May 12th it was selling at a 20% discount to NAV. I remember when you said you timed GBTC using the premium to NAV which turned out to be solid advise. What’s your take on the discount to NAV for timing.

      • Have a HODL time horizon. Dollar cost average. Every halving event in Bitcoin signals the next bull run. After the bull run, there is a 38 month or so bear cycle until the halving. Rinse repeat. This cycle is a 10 year “super cycle” which will be marked by a double handle top, similiar 2011-13. Buy when there blood in the streets.

  2. But Trevor gets to write off $3,000 per year for the next 18,890 years. So there is that.

  3. I often wonder what it would be like to live your life in reverse. Start out with all the wisdom and experience of a 70 year old and end life as a 20 year old.

    • Like “The Curious Case of Benjamin Button”? Honestly I think we’d get a whole LOT more done since we’re all “feelin’ it” at our general ages here but having to deal with bodies that are wearing down. I’m still not up to snuff after this past Winter and it takes longer every Spring to get back in the work groove.

  4. Suck it up bears the facist dark side are strong . Never forget this evil . Short nearly everything . Except USD which the dark side shorts , FED2. Any moment this madness ends

  5. Hmmm, A single Golden 2021 Buffalo 1 Oz $2,042.72 today or an electronic bit of data saying it’s worth $55,000, Ooops $40,000, Ooops $??,???. Ooops, no electricity or internet $0.00.

    What is anything with a $$ sign on it buyable? Personally, I think a piece of what’s called Junk Silver coinage or .22 long rifle bullets will hold value longer than the previously mentioned items.

    G’s single silver dollar is real. Bitcoin is a figment of a smoker’s puff of gas.

    • IRS is Taxes what ?

      Income ?

      Assets ?

      Silver Coins ? yep – when sold, Bullets/lead – nope

      Gold Buffalo – lights go out – how U gonna eat that – trade that – sell that ??
      ..trusting the seller has not hollowed out/shaved down Ure coin.

      Now the Internal revenue Service is Taxing figments of smokers puff of gas, sure U betcha – that and $5.00 wont get U a cup joe- but good luck wit that Gold and Silver – as seem to be a quite the trusting kind/ an easy mark.

    • spot = $1,880ish
      buy premium = $140ish
      sell discount = $100ish
      over 10% in buy/sell fees

  6. George,
    I agree with you.
    Playing BTC is nothing but currency speculation. Amateur speculators in anything are nothing but fodder for the pros. Imagine playing soybean futures against the likes of ADM or Cargill. If you want to roll the dice, at least go to Vegas where you can get comped with free drinks while you lose.
    73’s

  7. and when any idiot tries to sell you anything like gold,sheetcoin, real estate , stocks and tells you its different this time . say ohh yeah its 100 times worse and walk away .

  8. the goal is to sell for a higher price than you paid. gains and losses are realized when someone sells. if lawrence can sell btc for more than he paid for it, and the gains are greater than he would have received in other assets, then he made a smart move. markets don’t zig and zig. they zig and zag. same for btc. i’d say you’d have to wait at least a year before passing judgment, long term gains is what matters.

    if someone took the $1,400 in trump money last year and put it into btc it would have grown to $7,500 today, that’s 450%. meanwhile you can earn $50 in annual interest on $50,000 in a savings account.

    y’all gotta remove emotions from investing.

  9. Israel is very cunning.

    Someone flies what amounts to firecracker ‘rockets’ into Israel.

    Which they know most won’t hit the ground and if they do, realize they won’t often hurt anything or anyone. And they are fully aware Israel will respond ten to twenty-fold.

    Israel responds with 250# and 500# bombs killing any number of ‘hamas’ and those around them and all important military targets –including the broader civilian communications are destroyed.

    (I have to ask who makes those firecracker rockets and why doesn’t Israel destroy the manufacturer? Instead of fireworks, wouldn’t you think the rockets would have C4 type ordnance?)

    Also, surely Israel knows the location of where the firecrackers will be fired from so why aren’t the locations leveled before launching?

    It takes time to set up a 3,000 rocket launch and even more time if the locations are separated in to 500 rockets each. Meanwhile, there is no doubt with Israel’s superb spy network they know, they know.

    And they exactly know the location immediately after firing. But do they respond? Looks like they have other things in mind.

    A plane or drone missile could be at the location within seconds or a minute or two. Dam, they probably (from / with the U.S.) have eyes in the sky seeing it all before the salvo is loosed.

    Moreover, their rocket shield can be directed even before the rocket’s launch. But, what do I know!

    They’ve done it before. Wipe out anything of importance send a fear message and THEN ask for a ceasefire.

    Brilliant!

    I guess all this high level intrigue is something beyond my comprehension. It sure seems things are scripted. My half-brain thinks Israel’s enemies are far weaker after than prior to the firecracker rockets episode.

    PS, there is no such thing as a “Palestinian” but Israel doesn’t confront the media.

  10. I like your comment on Trevor Lawrence! Sometimes these athletes like to be too cute – thinking they know the future. Reminds me of the super models a few years back that demanded that they be paid in Euros vice the USD. Well, the USD continued to climb while the Euro faltered. Too bad, Ladies!

  11. There’s an Israeli/Palestinian-like issue brewing in Kentucky but authorities won’t lynch the trespassers.

    The Evictions Surprised Trailer Park Residents. The Protest Stunned Officials.

    “For more than two months, a fight has burned in Morehead, a small college town in the hills of eastern Kentucky. It began in early March, when the residents of roughly 65 mobile homes at North Fork were told they had a month and a half to leave and take their homes with them. A new development was coming, bringing restaurants and stores, jobs and tax revenue. The city was subsidizing it. The trailer park had to go.

    But as soon as the eviction letters went out, a protest campaign erupted, with chants and rallies, messages of support sent from as far away as California and Maine, and visits from prominent state voices like Charles Booker, a likely Democratic candidate for the 2022 U.S. Senate race. Current and former residents have loudly registered their dissent — with actions like the planned boycott of the eventual shopping center — and laid out a list of proposals to mostly unreceptive city officials, including financial compensation for people forced to move.”

    • Dangle a $40,000 check in front of each of those 65 people in that town in that part of Kentucky and I bet 60 of them would have no problem moving. $50,000 each would motivate EVERYONE to move.

      The developers and city were just TOO CHEAP, which is often what happens in small towns with small thinking people. Anybody who has done any serious development work could see this problem coming from not just a mile away, but 100 miles away.

      If the developers couldn’t swing that extra $2.6 million dollars it would take to develop that site by giving the current residents enough cashola to actually move … well it wasn’t economical to develop to begin with.

      The city and the developers were trying to screw over the poor people who lived there, and because those people are poor and could probably barely afford to live there to begin with they thought they could just kick them out with NO pushback.

      If those had been Million Dollar rentals the city and the developers would never have even tried to kick out the multimillionaires who lived there with just a 6 week notice and NO compensation.

    • ‘Same thing happened in Northern Michigan, some months back. I don’t remember the details, stumbled across it either on freep or mlive, but the area was around Houghton, somewhere…

  12. Being healthy is contagious.

    On the topic of Bitcoin, The Markets and Drugs. You know why they call it “going to score.” Because all three give you an artificial chemical induced sense of winning. Like winning a game. A sense of Arrival, prestige and accomplishment. But it is artificial. Not tangible.

    Since I have already address my fears, which is false evidence appearing real.
    And saw it for what it really is. If the markets crash today? Won’t matter much to me.

    When I look at the grid around me. All I see is happy, hearts, smiles and tranquility. As I said, Being Healthy is contagious.

    You choose what you want to behold in this life. ~What ever holds your focus, had you in It’s grasp ~ It’s best to be humble.

    Haven’t been to Ure URL in a while old dude. Looked around the web this morning then, around the grid around me. I prefer what the grid around me speaks. Ahhh yes! The duality of both networks. One is the Internet and the other lifenet.

    Interesting how different the contrast and texture of information between them. One says fear is contagious. The other Being healthy is contagious. Which master will the world serve? Well that is up to the individual. Twin world’s offset by a thin membrane. The individual, you! Are the in-between state of the internet and lifenet. You are the meditation point, existing in life and then internet simultaneously. Same as when you meditate between awake and asleep. You are the in-between state.

    I have an adventure novel to write and be a healthy contagion. Infecting the world with smiles.

    Later old people.

  13. George,

    I’m glad to hear that E’s surgery went well and you all are doing good down in the piney woods.

    I’ve talked a little about the UFO goings-on here before. I’m friends with several of the people who are writing about this in the mainstream and very close friends with a couple of them. These are the folks that are talking or directly receiving info from the DoD spokespersons and military witnesses and then writing about it for major outlets. I spent a good hour last night on a video call with one of the prominent writers on the subject discussing this. I do a podcast with this fellow on other subjects and once we were done with ‘business’ we chatted about all of our normal topics. That camp (the guys writing about this) is split on whether the DoD is being honest or if it’s some kind of psyop. They’re also squabbling internally and accusing each other of being government mis-informants, but that’s par for the course for that whole crowd. I told them from the start that this whole effort is not what it seems and to be careful about how they proceed. Don’t trust anybody. They never listen. Most of these guys are younger than me and are self-professed fan boys of the ‘X-Files’. They ‘Want To Believe’. They don’t ask the right questions and all but one of them has no military background. They think like civilians. The latest video that came out was a cellphone video of a computer screen in the CIC of the Roosevelt. Not a single one them asked the obvious question “why did someone have a cellphone in the CIC??” and the obvious follow on “did that person get punished for that AND for leaking the video?” All of those are SERIOUS security violations. That kind of stuff gets people in jail and the skipper fired. Never occurred to any of them.

    To add another wrinkle to this, my son has spent the last 3 years in one of the USS Ronald Reagan’s flight carrier groups in Japan as an F-18 air frame mechanic. He’s in Seattle right now out-processing from the Navy and will be back home in a couple of weeks. It’s been a while since we’ve seen him, but I digress. He told me that they’ve seen these types of objects so often and for so long that it’s a now non-event. They’re not considered to be a threat and carrier group ignores them.

    The information that gets made public is tightly controlled. That’s why you only see the grainy FLIR footage and other telemetry. The high quality video and images are close-hold and not released because that would blow up the scam. They give you just enough that it looks intriguing, but you can’t make any kind of actual identification. The idea that’s being sold to the public now and over the last 2 or so years through the MSM is leading to something. It’s carefully crafted and is getting pushed through my friends, the NY Times, 60 Minutes and all the other CIA-controlled (dis)information outlets. That alone should tell the aware observer that something is afoot. The ‘Ministry of Truth’ is manipulating the perceptions and attitudes of the masses in preparation for a follow on effort.

    So, George, your source is telling you the truth. This thing is leading to up something soon. Some kind of revelation or an event of some kind. The tea leaves are easy to read on this one. Personally, I think it’s all a big distraction that will be timed just right to keep the public mind off of the cascading failures of the current administration, some ill-advised foreign policy blunders or revelations about election fraud….or maybe all of these things and more. In the end, they won’t ‘reveal’ anything that we don’t already know, which is really nothing. That’s the shell game that’s been played since the late 1940s and will continue to be played as long as it is useful.

    • This is, essentially, what that other guy in the woods up North has been saying in his last two videos. Going in to June-July and on to this Fall this “revelation” is going to be used to distract from the degeneration of the systems that hold our country together. The Bribem Pretendency will keep digging itself a deeper hole and ticking a larger portion of the population off until they try Martial Law and see how far that goes.

    • I’ve always been of the mind that whatever game the DOD is playing, it is a deceitful one. The tech that is being leaked isn’t new to them, but is to us, hence the fearporn. I liked reading your pov. Thanks.

  14. Here’s a goodie too. Q-anon staff are trying to use the “Mentally Ill”excuse for their actions. They were the last to know but probably still haven’t accepted it.

    “QAnon Shaman,” has spent months arguing that Donald Trump is responsible for his client storming the Capitol on Jan. 6.

    Now, he says Chansley and other accused Capitol rioters were especially susceptible to being duped by baseless claims about election fraud. In expletive-laden remarks to Talking Points Memo, lawyer Albert Watkins pointed to their mental abilities, using a pejorative for people with intellectual disabilities.
    “These are people with brain damage,” Watkins said.”

  15. Are you familiar with adrenochrome? A month or so ago I looked at a website called OrionLines.com which tied the elite to child trafficking for adrenochrome but I can
    no longer find the site. Fits with the To Serve Mankind idea.

  16. You Know George, I have taken now 11 trips around the universe as dude aka the Cosmic Chicken Bunny. I don’t know anyone but maybe you who has had 11 serquential and consecutive dreams. It’s the wildest thing. I don’t even have to try. All I have to do is write my adventures.

    And sometimes my dreams feel like I’m there for 100 years and it’s like 3-4 hours here. I even ended up getting stuck on a planet that it’s collective conscious was continuous orgasims in the Galaxy GX. The planet was like this whole big being and everyone on it was statues. But if you touched the statues you got sucked into this orgie and if ya get stuck there you turn into a statue too.. Hahahhah. So weird. and had to be rescued by a mean hell Elemetalist named wingnut whome I made friends with at Jesus’s tattoo emporium in another galaxy. Like the Real Jesus. Soo bizarre. Great Tattoos! they turn into living things on your body. All free hand. He tattooed a sperm whale on this dudes back and a ship and the dude turned into captain Ahab. Hahahaha
    Really cool dude. He does tattoos in another Galaxy. Really cool ones.. It’s so weird,
    I don’t know how or why I keep having these crazy ass adventures.. I don’t have them every night. Once and a while, I simply pick up where I left off.

    welll I spose you will have to read the books. They write them selves every time I have a dream and wake up there.

    I’m sure you have the same experience. I never experienced anything like it. So, what the hell. Ok I gotta get I have someone who wants to start working out and all that.

    You ever have 11 dreams in a row like that dude? It’s another life. Lol sometimes when I wake up from being dude the cosmic Chicken Bunny, I need a nap after because I’m exhausted from being on an adventure all night around the universe. Lol

    I won’t be around much. Too much good is happening in my life. Ciao

    • lol – don’t know if you ever read my book on lucid dreaming – but once you nail it, there’s tired on two sides of sleep and waking but you don’t have to be tired on either side.
      All about bringing the memory back, not the baggage of the domain. Information is weightless, durable, and non-tiring. Attachment weighs a ton.

      • Cool dude. It’s so weird. I never remember my dreams but this is a super fun adventure. I dont induce it. I never experienced anything like it. I fall asleep and wake up where I left off. Like TVO’ing my dreams.

        No, I haven’t read any of your books since how to live in $10,000 a year. I have all of them. As I said before, when you pass from this world dude, I will rent a sail boat and sit out deck in the sun and read them and we will have a good conversation about this thing called life. They are treasures to me, as are you. It will be your final words and thoughts to me after you have moved on to the next adventure.

        I’m kinda weird like that. I have 14 hand written letters that my mother has sent me over the last 25 years, that I have never opened. She knows I save them. She knows I haven’t read them yet. She knows I will open them and read them after she passes on to the next adventure. She knows they are treasures to me. The most valuable
        and sacred treasuress. And after I celebrate her life at her funeral, I will drive up to the Mountains alone and open them and read them for the first time. And laugh and cry and have a talk with her.

        I know that is kinda different… Not sure if you know this about me yet or not George, May come as a shock. I’m kinda different. Surprise!

        Hahahaha!

        I am Blessed and Highly Fortunate! It is my hope, that you are as well.

        just andy

  17. “Today’s “news flow” is 99.9% useless hog slop.”

    You left off a whole string of 9’s there!

  18. “If you’re an alien shopper, I’d go well with a béarnaise sauce.”

    OTFLMAO… ME TOO…..

  19. Correction: It’s at theorionlines.com. Includes a free ebook re: adrenochrome and the elites.

    • The only theory I’ve run across that even SEEMS remotely plausible for this very real effect is that whatever the “vaccine” is might be accumulating iron in the body to the injection site and concentrates it there. I have NO idea whether iron in that form can be attracted to a magnet but one of my friends I sent a video that NM Mike posted actually has this happening to her injection site. She feels fine otherwise but trusts the government a whole lot less than she used to!

      • Lol.. well I finally gave in Bill and had to try it.. so I grabbed my fridge magnet (120 lb pull use it to hold tools )
        It’s not my big magnet but.. it’s scary enough if it did attach itself to my arm.
        Phew relief…it didn’t stick lol

  20. For those who really want to understand the possible adverse effects of the current mRNA inoculations that are being praised and pushed by the entire MSM, I’d recommend reading this academic paper:

    https://ijvtpr.com/index.php/IJVTPR/article/view/23

    If you have any familiarity with immunology, genomics, cytology, and hematology, I’d recommend downloading the pdf and spending a few hours carefully reading it. By all means, save it to your hard drive. It’s dense reading and well referenced. It’s a free, open access, peer reviewed article in a relatively new journal. This will give you a great deal of food for thought and avenues for further research.

    IMHO, any time something is being propagandized to death, there’s something being hidden. This paper covers a great deal of what might be unadvertised risks.
    I’m still seeking the real agenda behind this push for inoculation.

  21. Sheding vaccine spike proteins, like a virus, to the vaccine non compliant kill them both in September..???

    • The IMF is a buncha double-speaking m’f’er’s. They talk climate and they talk shots.
      Save $50 billion, let population respond to virus…both problems solved for zero cash.
      WTF are they thinking?>> Is it only the intergenerational family fronts that have half a brayne?

  22. Update from “square hole Ray…”

    For a 3/8 carriage bolt hole I needed a larger triangular file than I had handy, so off to the local hardware store to buy a new Nicholson 10″ x ½” tapered file.

    The file lasted for almost three holes, before I burnt it beyond use,
    resizing 3/8 round holes in 3/16 mild steel, to ~13/32 square.

    Nicholson was the Rolls Royce of files for decades. I saw the Nicholson File factory once. I was a GMI scholarship finalist and as such, we got a bus tour of some of the (booming at that time) Michigan and Indiana General Motors factories. Nicholson was in Anderson, Indiana, right up the street from the Delco Remy or Guide Lamp (can’t remember) main office.

    Nicholson is now Brazilian, and apparently is using either Brasilian or Chinese junk steel, and not hardening it properly.

    I am now using a torch, anvil, and 4-pound mallet to drive my carriage bolts into the hinges to cut their own holes. It works, but is less than fun, and I assume will seriously degrade the lifespan of the (formerly galvanized) hinges…

Comments are closed.